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On 6 December 2018, Ingrid Hotels S.p.A. (“Ingrid Hotels”), an Italian company majority-owned by Värde Partners and which owns and manages, together with its subsidiaries located in France, Hungary and Czech Republic, a pan-European luxury hotel portfolio known as "Dedica Anthology", issued notes with a nominal value of €337,000,000, which have been admitted to trading on the Third Market of the Vienna Stock Exchange. The notes were purchased by certain affiliates of Blackstone Real Estate Debt Strategies.

Ashurst acted as lead counsel to Värde Partners and Ingrid Hotels in connection with the transaction, while Clifford Chance advised the initial note purchaser. JLL (Jones Lang LaSalle) acted as financial advisor to Värde Partners and Ingrid Hotels.

The transaction is one of the largest debt finance deals ever completed by an alternative debt provider in Italy.

The Ashurst team was led by banking partner Mario Lisanti, assisted by Annalisa Santini (counsel), Gianluca Coggiola (senior associate), Anna Giulia Chiarugi (associate), Alessandro Generali (trainee) and Martina Riva (trainee), all based in Milan. The London team was led by banking partner Jessica Jenner, supported by Sarah Winter (senior associate), and included also Francis Kucera (partner), Malcolm Charles (partner) and Sophia Bathgate (associate); James Coiley (partner) and Jenny Wan (associate) advised on hedging matters. The Paris team was led by banking partner Hassan Javanshir, supported by senior associate Thomas Ehrecke, and included corporate partner Anne Reffay and senior associate Isaure Sander, as well as tax partner Emmanuelle Pontnau-Faure and associate Solène Guyon. Michael Neary (partner) and Matthew Haist (counsel) advised on NY law matters.

Mario Lisanti commented:

"This deal illustrates Ashurst’s pre-eminent position in the European direct lending market. As alternative debt providers look to further increase their market share in Italy in the next year and beyond, we look forward to assisting sponsors and debt investors with other landmark transactions like Dedica."

Jessica Jenner added:

"The Dedica transaction is a clear demonstration of the strength of Ashurst's multi-jurisdictional offering and ability to deliver on complex and innovative financing arrangements where the underlying asset class is real estate."

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